PZ-IO: what changed
PZ-IO
Largest movements
- Receivables within one year +€31,273
up €31,273 (+96.4%), from €32,428 to €63,702
of which Other amounts receivable: +€22,489
- Cash -€31,124
down €31,124 (-13.0%), from €239,035 to €207,910
mainly Other debts (-€34,227) and Receivables within one year (-€31,273)
- Receivables after one year -€11,568
down €11,568 (-91.3%), from €12,675 to €1,106
- Financial fixed assets +€6,200
new in 2025: €6,200
- Other debts -€34,227
down €34,227 (-71.7%), from €47,751 to €13,524
- Reserves +€16,405
up €16,405 (+13.7%), from €119,422 to €135,826
- Tax, wage and social debts +€9,155
up €9,155 (+57.7%), from €15,857 to €25,012
- Trade debts +€2,961
up €2,961 (+40.8%), from €7,262 to €10,223
- Gross operating margin -€25,618
down €25,618 (-50.2%), from €51,028 to €25,410
- Taxes -€3,739
down €3,739 (-33.3%), from €11,239 to €7,500
- Financial charges -€584
down €584 (-78.3%), from €747 to €162
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €286,184 | €280,478 | -€5,706 | -2.0% |
| Fixed assets | 21/28 | €750 | €6,200 | +€5,450 | +727% |
| Tangible fixed assets | 22/27 | €750 | €0 | -€750 | -100% |
| Furniture and vehicles | 24 | €750 | €0 | -€750 | -100% |
| Financial fixed assets | 28 | - | €6,200 | +€6,200 | |
| Current assets | 29/58 | €285,434 | €274,278 | -€11,156 | -3.9% |
| Amounts receivable after more than one year | 29 | €12,675 | €1,106 | -€11,568 | -91.3% |
| Other amounts receivable | 291 | €12,675 | €1,106 | -€11,568 | -91.3% |
| Amounts receivable within one year | 40/41 | €32,428 | €63,702 | +€31,273 | +96.4% |
| Trade receivables | 40 | €9,957 | €18,741 | +€8,784 | +88.2% |
| Other amounts receivable | 41 | €22,472 | €44,961 | +€22,489 | +100% |
| Cash at bank and in hand | 54/58 | €239,035 | €207,910 | -€31,124 | -13.0% |
| Deferred charges and accrued income | 490/1 | €1,296 | €1,559 | +€264 | +20.4% |
| Total equity and liabilities | 10/49 | €286,184 | €280,478 | -€5,706 | -2.0% |
| Equity | 10/15 | €215,314 | €231,719 | +€16,405 | +7.6% |
| Contributions | 10/11 | €58,590 | €58,590 | = | 0.0% |
| Reserves | 13 | €119,422 | €135,826 | +€16,405 | +13.7% |
| Distributable reserves | 133 | €119,422 | €135,826 | +€16,405 | +13.7% |
| Profit (loss) carried forward | 14 | €37,303 | €37,303 | = | 0.0% |
| Amounts payable | 17/49 | €70,869 | €48,759 | -€22,110 | -31.2% |
| Amounts payable within one year | 42/48 | €70,869 | €48,759 | -€22,110 | -31.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €7,262 | €10,223 | +€2,961 | +40.8% |
| Suppliers | 440/4 | €7,262 | €10,223 | +€2,961 | +40.8% |
| Taxes, remuneration and social security | 45 | €15,857 | €25,012 | +€9,155 | +57.7% |
| Taxes | 450/3 | €15,857 | €25,012 | +€9,155 | +57.7% |
| Other amounts payable | 47/48 | €47,751 | €13,524 | -€34,227 | -71.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,000 | €750 | -€250 | -25.0% |
| Other operating charges | 640/8 | €740 | €593 | -€147 | -19.8% |
| Gross operating margin | 9900 | €51,028 | €25,410 | -€25,618 | -50.2% |
| Operating profit (loss) | 9901 | €49,288 | €24,067 | -€25,221 | -51.2% |
| Financial income | 75/76B | €1 | €0 | -€0 | -78.8% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -78.8% |
| Financial charges | 65/66B | €747 | €162 | -€584 | -78.3% |
| Recurring financial charges | 65 | €747 | €162 | -€584 | -78.3% |
| Profit (loss) for the period before taxes | 9903 | €48,541 | €23,905 | -€24,637 | -50.8% |
| Income taxes | 67/77 | €11,239 | €7,500 | -€3,739 | -33.3% |
| Profit (loss) for the period | 9904 | €37,303 | €16,405 | -€20,898 | -56.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,303 | €16,405 | -€20,898 | -56.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.